Matinas Biopharma shares are trading lower after the company announced the termination of negotiations under the previously disclosed non-binding term sheet regarding global rights to MAT2203. Matinas has implemented an 80% reduction in its workforce.
Portfolio Pulse from Benzinga Newsdesk
Matinas Biopharma's shares are declining following the termination of negotiations for global rights to MAT2203 and an 80% workforce reduction.
October 31, 2024 | 1:05 pm
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NEGATIVE IMPACT
Matinas Biopharma's stock is under pressure due to the termination of negotiations for MAT2203 and a significant workforce reduction.
The termination of negotiations for MAT2203 suggests potential setbacks in strategic partnerships or product development, negatively impacting investor sentiment. The 80% workforce reduction indicates significant cost-cutting measures, possibly due to financial strain or strategic pivot, further contributing to the stock's decline.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100